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Claude Monet painting sells for record $110.7M US

Claude Monet painting sells for record $110.7M US”

A Claude Monet painting from his celebrated Haystacks series has smashed world records by selling for almost $110.7 million, or around €99 million.

"Meules" is one of only four to have come up for auction this century.

The 1890 painting, titled "Meules", was sold at Sotheby's sale of Impressionist & Modern Art.

Six bidders battled for more than eight minutes in hope of acquiring the coveted work by the French Impressionist master. Another Monet piece from same "Haystack" series was sold in 2016 at Christie's for $81.4 million. Sotheby's did not provide any details on the new buyer, but did tweet that there was a bit of a bidding war before the final price was achieved.

Why is art so expensive?

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Sotheby's said the painting was acquired by wealthy Chicago socialites directly from Monet's dealer in the 1890s and remained in the family until it was bought at auction in 1986 by the present sellers for $2.53 million.

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Pablo Picasso's "Les femmes d'Alger (Version "O")" held the previous auction record, having sold for $179.4 million in 2015.

According to the auction house, it's a world auction record for the artist and the first work of Impressionist art to ever cross the $100 million threshold at auction.



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